Predatorial Mortgage Co. Swindles Sick Old Lady
The Post had a hearwarming story yesterday of a mortgage company’s attempt to swindle an elderly Fort Green woman with early-stage Alzheimer’s out of her 3-story brownstone. In 2004, Mary McQuiller, then 81, applied for a second mortgage through RCF Capital; before she knew it, the company had sent a car for her and had…
The Post had a hearwarming story yesterday of a mortgage company’s attempt to swindle an elderly Fort Green woman with early-stage Alzheimer’s out of her 3-story brownstone. In 2004, Mary McQuiller, then 81, applied for a second mortgage through RCF Capital; before she knew it, the company had sent a car for her and had gotten her to sign over the house for $175,000. Her son, Sam McQuiller (pictured), intervened and thought he had gotten RCF to drop its claim on the property only to be rudely surprised when his mother died later that year. He’s now in court fighting a decision by the public administrator to auction the property and award RCF $85,000 of the proceeds.
Roofless People [NY Post]
The mortgage company should be fined and arrested. there needs to be some way to help elderly people from preditory lenders.
The mortgage company should be fined and arrested. there needs to be some way to help elderly people from preditory lenders.
Argh! I meant “weigh”.
How can the Public Administrator side with RCF? Aside from the smarmy and suspicious way they did business in the first place, Mr. McQuiller has a fax from the chief executive saying he would cancel the deal in pretty plain English, and now he is basically saying that’s what it looks like it means, but that’s not really what I meant.
Puleeze! Sorry excuses like that don’t fly in most criminal courts, and having evidence on paper in most civil courts would way heavily on the side of the plaintiff. What’s up with the Public Administrator? Where are the rights of the little guy – those who are poor, ignorant of the ways of high finance and court proceedings? Stories like this make me wish I had become a loud Erin Brockovitch type rabble rousing lawyer.
I hope Mr. McQuiller is able to keep his house, to do with what he wants.
I posted re the value of maybe $1.5 million. Brownbomber is right, I was just referring to the fact that RCF was downplaying the value…
This is outrageous! Didn’t NYS just enact anti-predatory lending laws recently? Do they carry any punch? In the 1990’s countless homeowners in FG, CH and BS lost their homes through these scandalous practices. More often then not, they were cash poor, equity rich and members of minority groups. As for the comments about price, I think the bloggers are simply stating the obvious; that the negotiated terms clearly indicate that RCF was looking to steal this property for a song.
If this is the property then someone should go to jail.
http://www.pshark.com/mason/Reports/showsection.html?propkey=178171
$175,000?!? On Vanderbilt between Greene and Gates? You can’t even get a shell in FG for under $1 million.
I’m with you – I don’t know how people can feel good about who they are when they do that kind of thing
I’ll give them a call and give them a piece of my mind 🙂
Seems to me the real tragedy is how elderly people and their families are getting ripped off. That whole outrageous story and the only comments are how much the house is worth? Pretty sad commentary.
Anyone caring to call or write RCF can do so at:
RCF Capital Corp.
1236 Avenue U
Brooklyn, NY 11229
718-375-5300
“only to be rudely surprised when his mother died later that year.”
editor! stat!